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Segment Reporting (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Financial Information by Segment

The following tables set forth financial information by segment for the respective periods:

 

 

 

For the Three Months Ended March 31, 2022

 

 

 

Commercial

 

 

Government

 

 

Parking

 

 

Corporate

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

Solutions

 

 

and Other

 

 

Total

 

Service revenue

 

$

73,465

 

 

$

73,224

 

 

$

14,445

 

 

$

—

 

 

$

161,134

 

Product sales

 

 

—

 

 

 

5,604

 

 

 

3,647

 

 

 

—

 

 

 

9,251

 

Total revenue

 

 

73,465

 

 

 

78,828

 

 

 

18,092

 

 

 

—

 

 

 

170,385

 

Cost of service revenue

 

 

602

 

 

 

473

 

 

 

2,704

 

 

 

—

 

 

 

3,779

 

Cost of product sales

 

 

—

 

 

 

3,727

 

 

 

2,268

 

 

 

—

 

 

 

5,995

 

Operating expenses

 

 

15,947

 

 

 

32,391

 

 

 

2,511

 

 

 

—

 

 

 

50,849

 

Selling, general and administrative expenses

 

 

13,276

 

 

 

16,455

 

 

 

7,672

 

 

 

—

 

 

 

37,403

 

Other (income) expense, net

 

 

(2,955

)

 

 

72

 

 

 

17

 

 

 

—

 

 

 

(2,866

)

Segment profit (loss)

 

$

46,595

 

 

$

25,710

 

 

$

2,920

 

 

$

—

 

 

$

75,225

 

Segment profit (loss)

 

$

46,595

 

 

$

25,710

 

 

$

2,920

 

 

$

—

 

 

$

75,225

 

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35,675

 

 

 

35,675

 

Loss (gain) on disposal of assets, net

 

 

—

 

 

 

241

 

 

 

(9

)

 

 

—

 

 

 

232

 

Change in fair value of private placement warrants

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,734

 

 

 

3,734

 

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,446

 

 

 

4,446

 

Interest expense, net

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,279

 

 

 

14,279

 

Income (loss) before income taxes

 

$

46,595

 

 

$

25,469

 

 

$

2,929

 

 

$

(58,134

)

 

$

16,859

 

 

 

 

 

For the Three Months Ended March 31, 2021

 

 

 

Commercial

 

 

Government

 

 

Corporate

 

 

 

 

($ in thousands)

 

Services

 

 

Solutions

 

 

and Other

 

 

Total

 

Service revenue

 

$

45,689

 

 

$

44,074

 

 

$

—

 

 

$

89,763

 

Product sales

 

 

—

 

 

 

95

 

 

 

—

 

 

 

95

 

Total revenue

 

 

45,689

 

 

 

44,169

 

 

 

—

 

 

 

89,858

 

Cost of service revenue

 

 

531

 

 

 

349

 

 

 

—

 

 

 

880

 

Cost of product sales

 

 

—

 

 

 

27

 

 

 

—

 

 

 

27

 

Operating expenses

 

 

14,206

 

 

 

16,092

 

 

 

—

 

 

 

30,298

 

Selling, general and administrative expenses

 

 

10,792

 

 

 

10,811

 

 

 

4,126

 

 

 

25,729

 

Other income, net

 

 

(2,070

)

 

 

(943

)

 

 

—

 

 

 

(3,013

)

Segment profit (loss)

 

$

22,230

 

 

$

17,833

 

 

$

(4,126

)

 

$

35,937

 

Segment profit (loss)

 

$

22,230

 

 

$

17,833

 

 

$

(4,126

)

 

$

35,937

 

Depreciation and amortization

 

 

—

 

 

 

—

 

 

 

28,214

 

 

 

28,214

 

Loss on disposal of assets, net

 

 

—

 

 

 

51

 

 

 

—

 

 

 

51

 

Change in fair value of private placement warrants

 

 

—

 

 

 

—

 

 

 

2,067

 

 

 

2,067

 

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

2,908

 

 

 

2,908

 

Interest expense, net

 

 

—

 

 

 

—

 

 

 

9,164

 

 

 

9,164

 

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

5,334

 

 

 

5,334

 

Income (loss) before income taxes

 

$

22,230

 

 

$

17,782

 

 

$

(51,813

)

 

$

(11,801

)

 

 

 

The Company primarily operates within the United States, Australia, Canada, United Kingdom and in various other countries in Europe. Revenues from international customers were $23.3 million and $2.8 million for the three months ended March 31, 2022 and 2021, respectively. Revenues from Australia, United Kingdom and Canada represented $7.8 million, $6.2 million and $8.6 million, respectively for the three months ended March 31, 2022. Revenues earned from goods transferred to customers at a point in time were approximately $9.3 million and less than $0.1 million for the three months ended March 31, 2022 and 2021, respectively.